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El Salvador: First Country to adopt Bitcoin as a legal tender

El Salvador: First Country to adopt Bitcoin as a legal tender
Nayib Bukele Twitter

Today, El Salvador has become the first country to legalize bitcoin as a legal tender. The lawmakers in the South American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law.

The president of El Salvador, Nayib Bukele, tweeted,

The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out

President also stated “cheap and clean” Volcano energy to be used for Bitcoin mining. The Assembly Legislativa, the house of the Salvadoran people shared

With 62 votes, the legislative plenary session approves the #LeyBitcoin with which El Salvador adopts the #Bitcoin as legal currency. #LaNuevaAsamblea keep making history!

Its adoption as legal tender will go into law in 90 days. A few days back, In a recorded message presented at a Bitcoin conference, a multi-day convention in Miami being billed as the most notable bitcoin event in history, President Nayib Bukele declared El Salvador’s collaboration with Strike, a digital wallet company, to establish the country’s advanced financial infrastructure using Bitcoin technology. President Bukele stated that

We didn’t take care of the future beautiful idea that we create our future that we as humanity can do almost anything that we imagined. Our integrity what separates us from other species. In El Salvador, we are trying to rescue this idea and start the design of a country for the future using the best ingredients that make us who we are while using sensibility to find the best example of ideas from history and around the I believe Bitcoin could be one of these ideas.

El Salvador is principally a cash economy, with around 70% of the population lacking bank accounts or credit cards. Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, it will improve its GDP by 25%.

Bitcoin is infamous for its extreme price swings, which have led some detractors to conclude that it is unfit to be used as a currency. It’s still unclear how El Salvador will use bitcoin as legal cash in the long run.

Also Read : Jack Dorsey drafts Square’s trial plans for Bitcoin hardware wallet

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